The arrest was confirmed by the International Olympic Committee on Wednesday, relating to allegations that Ireland’s Olympic committee, of which Hickey is president, was involved in reselling some 1,000 tickets for the Rio Games at prices above their face value.
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During his arrest, Hickey complained of feeling unwell and explained he had a heart condition.
Hickey is also president of the OCI, head of the European Olympic Committees and vice president of the Association of National Olympic Committees.
After he was arrested he was taken ill and received medical attention, reports say.
THG Sports director – Irishman Kevin Mallon – and an interpreter Barbara Carnieri were arrested on charges of the fraudulent marketing of tickets.
The Olympic Council of Ireland (OCI) said in a statement it was aware of media reports of Hickey’s arrest and was seeking clarity on the situation before commenting.
Police said they were also looking for seven other suspects, including a British man and several Irish citizens.
This post was syndicated from SIGNAL.
THG has ties with Pro10, an accredited ticket seller at the Olympics.
More than 700 tickets organised in envelopes clearly marked for sale were found in a safe with Mr Mallon, Detective Ricardo Barbosa told the BBC.
It is believed these tickets were sold at prices of up to £6,000 each.
THG was the OCI’s authorised reseller for the 2012 Olympics in London but was not its ATR for the Rio Games.
IOC spokesman Mark Adams said the committee would “fully cooperate with the police investigation”.
In a statement the OCI said he had complied fully with the terms of a police warrant and would continue to co-operate with any ongoing inquiries.
“Continuing our investigation, civil police discovered the involvement of Patrick in the global scheme of ticket scalping”, the police said of the arrest.
THG does not have a permit to sell Irish Olympic tickets but an official company, Pro 10, said Mallon was working for them and did have a letter of accreditation.
Hickey is being treated in a local hospital after falling ill following his arrest.
In an interview with RTE last week, Mr Hickey denied any wrongdoing in relation to ticket sales.
The Olympic Council of Ireland seemed blindsided by the allegations against its president.
“All tickets sold by PRO10 as the Irish ATR for the Rio 2016 Olympics were sold fully in line with the ATR guidelines”.
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An Irish executive was arrested last week in the same investigation, and four other executives are wanted in the probe.
